So far it is just Macquarie Bank that was said they will no longer lend to trustees or to companies (whether acting as trustee of not).

CBA have tightened up, but they will still lend to people and companies acting as trustee where they hold credit facilities with CBA already for more than 6 months – and this includes guarantors whether acting as guarantors or not.

I think that existing trust or company debts will still be disregarded where these entities are self sufficient and are not borrowers.

I am not aware of any other changes at this stage – but it could be a general tightening up about to happen.

It’d be great if there were more transparency in the industry about what that mentorship actually includes, because the difference between a quick phone check-in and full file support is huge.

That is a private matter between the mentor and mentee – a contractual matter that would vary between the parties. All that the ‘industry’ requires is someone to be named as a ‘mentor’

it could be possible where you are both borrowers or you are a guarantor. but it is generally not like by the banks, especially with a main residence, as you are liable but not getting any benefit from the loan.

caveats are used to show others that someone else has an equitable interest in the property. A legal interest is one recorded on title such as a registered second mortgage. This would be a legal interest.

A second mortgage could also be unregistered, it would then be an equitable interest. A caveat could be lodged, potentially, over the property to let others know and to help get priority over later registered mortgages.

Brokers generally are not licenced to give tax advice so you can’t expect them to explain tax issues. Most run around saying ‘its the same thing’ and not understanding the tax issues. But it would be a good idea for them to suggest going to get tax advice before lodging the applciation.

Keep in mind too that a mortgage is different to a loan. It is the security for the loan. The borrower can be different from the mortgagor.

No potential to claim the main residence CGT exemption on mere intention to live in a property without actually doing so.

There is some inaccuracies in your post so best to seek legal advice on land tax specific to your situation

Intrigue wrote:

based on the figures in the book the median price of a home in Melbourne now would be $1,143,000.

Google tells me the medican is around $933,000 as of sept 2023 so she was not that far off.

Intrigue wrote:

I see one of four options – the numbers are wrong

Keep in mind they were predictions

Financial advice is advice on a financial product. Property isn’t a financial product so you likely need finance and tax advice based on what you have written.

If the house is being used as security it would require a joint loan with both of you as borrowers, or 2 loans with each guaranteeing the other’s loan. Your income isn’t mentioned, but together you might be able to qualify.

Best to seek legal advice before purchase and consider entering into a deed of partition so the titles can be transferred without triggering CGT or stamp duty once subdivision happens, but at that point you would need to qualify for the loan on your own.